Stages of the Product Life Cycle




НазваStages of the Product Life Cycle
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Комплексна контрольна робота

Англійська мова професійного спрямування

ІІІ курс, 6 семестр

Варіант 1

Read and translate the text (paragraphs 1 – 2 in a written form). Before reading look through and remember the following words and word combinations from the text.

the product life cycle – життєвий цикл продукту

the introduction stage – стадія впровадження в ринок

the growth stage – стадія зростання

the maturity stage – стадія зрілості

the decline stage – стадія спаду

initial price – початкова ціна

distribution channels – канали розповсюдження

sales revenue – доход від продажу

sales growth – зростання продажу

sales curve – крива продажу

sales volume – об’єм продажу

brand loyalty – прихильність до торгової марки

price incentives – цінові стимули

to offset – відшкодувати

the rate of increase – коефіцієнт зростання

to reduce – зменшувати

to retain – зберігати

refinement – вдосконалення

markdown – переоцінка, зменшення ціни

to eliminate – вилучати

determinant – показник

to delete – вилучати, виключати

in response to – в відповідності до

to vary – різнитися

to follow – дотримуватися

customer awareness – знання товару споживачем

marketing challenge – завдання маркетингу тут

immediate success – негайний успіх

promotional efforts – зусилля щодо просування товару

to meet needs – відповідати потребам

to expand the product line – розширювати товарну лінію

savings – збереження

to maintain – підтримувати

to eliminate – скасовувати
^

Stages of the Product Life Cycle


1. In a way, products are like people. They are born, they live, and they die. Every product progresses through a pro­duct life cycle, which is a series of stages in which its sales revenue and profit increase, reach a peak, and then de­cline. A firm must be able to launch, modify, and delete products in response to changes in product life cycles. Otherwise, the firm's profit will disappear and the firm will fail. Depending on the product, life cycle stages will vary in length.

2. The product life cycle is a theoretical model of what happens to a product over time. Generally the product life cycle consists of four stages— introduction, growth, maturity, and decline. Some products go through these stages rapidly, in a few weeks or months. Others may take years to go through each stage. Not all products follow the life cycle and particular ones may act differently. Some products may never get beyond the introduction stage.

3. In the introduction stage, customer awareness and acceptance of the product are low. Sales rise gradually, but initially high marketing costs result in low profit, or even in a loss. There are relatively few competitors. The price is sometimes high, and purchasers are primarily peo­ple who want to be «the first» to own the new product. The marketing challenge at these stages is to make poten­tial customers aware of the product' s existence and its features, benefits, and uses.

4. A new product is seldom an immediate success. Mar­keters must be prepared to modify the new product if necessary. The product should be priced so as to attract the particular market segment that has the greatest desire and ability to buy the product. The product itself, the initial price, distribution channels, and promotional ef­forts must be adjusted quickly to maintain sales growth during the introduction stage.

5. In the growth stage, sales increase rapidly as the pro­duct becomes well known. Other firms have probably be­gun to market competing products. The competition and lower unit costs (due to mass production) result in a lo­wer price, which reduces the profit per unit. Note that profits reach a peak and begin to decline during this stage. To meet the needs of the growing market, the firm offers modified versions of its product and expands its distribu­tion.

6. Management's goal in the growth stage is to stabilize and strengthen the product's position. To beat the compe­tition, the company may further improve the product or expand the product line to attract specialized market seg­ments. Management may also compete by lowering prices if increased production efficiency has resulted in savings for the company. As the product becomes more widely accepted, marketers may be able to broaden the network of distributors. During this period it is necessary to build brand loyalty among customers.

7. Sales are still increasing all the beginning of the matu­rity stage, but the rate of increase has slowed. Later in this stage the sales curve peaks and begins to decline. Pro­fits decline throughout this stage. Product lines are simpli­fied, markets are segmented more carefully, and price competition increases. The increased competition forces weaker competitors to leave the industry. Refinements and extensions of the original product appear on the market.

8. During a product's maturity stage, its market share may be strengthened by redesigned packaging or style changes. Pricing strategies are flexible during this stage. Markdowns and price incentives are not uncommon, although price increases to offset production and distribution costs may be used as well.

9. During the decline stage, sales volume decreases sharply. Profits continue to fall. The number of competing firms declines, and only survivors in the marketplace are those firms that specialize in marketing the product. Produc­tion and marketing costs become the most important de­terminant of profit.

10. When a product adds to the success of the overall pro­duct line, the company may retain it; otherwise, man­agement must determine when to eliminate the product. A product usually declines because of technological ad­vances or environmental factors, of because consumers have switched to competing brands. Therefore, few changes are made in the product itself during this stage. Instead, management may raise the price to cover costs, re-price to maintain market share, or lower the price to reduce inventory. Similarly, management will narrow distribution of the declining product to the most profitable existing markets. During this period the firm may use advertising and sales incentives to slow the product's decline. The company may eliminate less profitable versions of the pro­duct from the product line and, eventually, may decide to drop the product entirely.

11. We can see how the product life cycle works by looking at the introduction of instant coffee. When it was introduced, most people did not like it as well as “regular coffee”, and it took several years to gain general acceptance (introduction stage). Then, instant coffee grew rapidly in popularity, and many brands were introduced (stage of rapid growth). After a while, people became attached to one brand, sales leveled off (stage of maturity). Sales went to a slight decline when freeze-dried coffees were introduced (stage of decline).

12. Marketers should know the life-cycle stage of each product. And they should try to estimate how long the product may remain in that stage. Both must be taken into account in making decisions about the marketing strategy for a product. If a product can remain in the ma­turity stage for a long time, a replacement product might be introduced later in the maturity stage. If the maturity stage is short, a new product should be introduced much earlier. In some cases, a firm may be willing to speed up the decline of existing products. In other situations, a com­pany will attempt to extend a product's life cycle.

^ Vocabulary exercises

Translate into Ukrainian:

Sales; sales revenue; sales growth; sales incentives; marketing costs; savings; maturity; production efficiency; price incentives; market share; overall product line; sales volume; sales curve; profit; markdown; determinant; unit cost; distributor; brand loyalty; loss; decline; inventory; market share; refinement; survivor; replacement pro­duct; modify; attract; fail; appear, cover costs; eliminate the product; determine; delete; retain; remain; meet the needs; improve; expand.
Find the English equivalents:

Збут; об’єм продажу (збуту), доход від продажу; загальний товарний асортимент; стимули збуту; прибуток; збиток; собівартість одиниці продукції; ефективність виробництва; прихильність до певного сорту або марки товару; товарний запас; агент з продажу; ринкова доля; канали розповсюдження; показник; крива продаж; зняти товар з продажу; покривати затрати; приймати рішення; розширювати; задовольняти потреби; покращувати; збанкрутувати; приваблювати; пропонувати.
Match the following words with their synonyms:

1. to modify

2. to delete

3. gradually

4. existence

5. to adjust

6. to maintain

7. refinement

8. to expand

9. to offset

10. to reduce

a. to eliminate

b. to carry on

c. improvement

d. to lower

e. to compensate

f. to change, to alter

g. to fit

h. being

i. to enlarge

j. little by little


Fill in the gaps with the words from the exercise above:

1. We have to … this product in response to the needs of the market.

2. We have been able to … our tax by 10%.

3. After its introduction to the market the product has … won the customers’ loyalty.

4. If the firm wants to … the popularity of the product, they should … its quality and … it according to the needs of the consumers.

5. At the stage of decline the company may … less popular products.
Make up the appropriate nouns and adjectives if possible from the following verbs:

Verb

Noon

Adjective


to appear







to extend







to fail







to vary







to exist







to attract







to maintain







to improve







to broaden







to simplify







to strengthen







to determine








Fill in the blanks according to the text:

1. Every product progresses through a ....

2. A firm must be able to launch, modify, and delete products in response to ... in product life cycle.

3. The product life cycle consists of four stages-intro­duction, growth; maturity, and ....

4. In the introduction stage sales rise gradually but ini­tially high marketing costs result in low profit or even in a....

5. The marketing challenge at this stage is to make po­tential customers aware of the product's existence and its ... benefits, and uses.

6. The product should be priced to attract the particu­lar ......that has the greatest desire and ability to buy the product.

7. In the growth stage, ... increase rapidly as the product becomes well known.

8. During the growth stage profits reach a... and begin to decline.

9. At the beginning of the-maturity stage sales are still .... but the rate of increase has slowed.

10. During a product's maturity stage, its...... may be strengthened by redesigned packaging or style change.

11. ... decline during this stage.

12. During the decline stage, sales volume ... sharply, pro­fits continue to ....

13. A product usually declines because of technological advances or environmental factors, or because con­sumers have switched to.......

14. Marketers should know the......stage of each product.
Translate into English:

1. Товари – як люди, вони народжуються, живуть та помирають.

2. Кожний товар проходить життєвий цикл товару, що представляє ряд стадій: вихід в ринок (впровадження), зростання, зрілість та спад.

3. У стадії впровадження знання товару споживачем та прийнятність товару низькі.

4. Ціна інколи є високою й покупці – в основному, люди, що бажають бути “першими” у придбанні нового продукту.

5. В стадії зростання продажу збут зростає швидко, оскільки продукт стає добре відомим.

6. В стадії зростання прибуток (profits) досягає найвищої точки й починає зменшуватися.

7. На початку стадії зрілості об’єм продажу (sales volume) все ще зростає, але швидкість зростання зменшується.

8. Прибуток зменшується протягом всієї цієї стадії.

9. На цій стадії цінова стратегія повинна бути гнучкою.

на стадії спаду об’єм продажу різко скорочується.

10. Ринкові виробники повинні знати життєвий цикл кожного продукту.

Find out to what stages of the product life style these statements refer:

1. «Sales increase rapidly as the product becomes well - known. Profits reach the peak and begin to decline during this period.»

2. «Sales are still increasing during this stage but the rate of increase has slowed. Later in this stage the sales curve peaks and begins to decline. Profits decline dur­ing this stage.»

3. «Customer awareness and acceptance of the product are low. Sales rise gradually, initially high costs result in low profit, or even in a loss. Purchasers are prima­rily the people who want to be «the first».

4. During this stage «sales volume decreases sharply. Prof­its continue to fall. The company may eliminate less profitable versions of the product from the product line and may decide to drop the product entirely».

Questions and assignments:

1. What is a product life cycle?

2. Name the four stages of life cycle.

3. Are there many competitors in the introduction stage of a product? Who are the purchasers at this stage?

4. What is the marketing challenge at this stage?

5. What can you say about sales at the growth stage?

6. What is the management's goal at this stage?

7. Is it necessary to built brand loyalty during this stage?

8. What can you say about the sales in the beginning of the maturity stage?

9. What happens (трапляється) with the sales curve later in this stage?

10. How many the market share be strengthened during a product's maturity stage?

11. Explain (поясніть) how pricing strategies change during this stage.

12. What can you say about the sales volume during the decline stage?

13. Outline (коротко викладіть) the factors, which cause the decline of a product.

14. May the company eliminate less profitable from the product line or decide to drop the product entirely?

15. How is the life cycle of instant coffee described? Do you know other examples?
Agree or disagree with the statements. Use the fol­lowing phrases:
That's wrong. Це невірно.

That's (quite) right. Цілком вірно.

That's not quite true Це не зовсім відповідає

to the fact факту.

According to the text... Згідно з текстом...
1. In the growth stage, sales rise gradually as the pro­duct becomes well known.

2. At the beginning of maturity stage sales are still in­creasing, but the rate of increase has slowed.

3. In the introduction stage, customer awareness and acceptance of the product are high. Sales rise gradually.

4. During the decline stage, sales volume decreases sharp­ly, profits continue to fall.

Discussion questions. Work in groups and discuss the following points:

1. Most soft drinks are in the mature or decline stage of the product life cycle. Does it explain why Coke introduced new Coke? What other soft drinks have been introduced in the last few years? Have they reached rapid growth?

2. What steps would you recommend for manufacturers to make their product better?

3. List at least seven sources of new product ideas and rank them from the most important to the least important. Explain, why you have chosen that order.
^ Комплексна контрольна робота

Англійська мова професійного спрямування

ІІІ курс, 6 семестр

Варіант 2
Read and translate the text (paragraphs 3 – 4 in a written form). Before reading look through and remember the following words and word combinations from the text.
the product life cycle – життєвий цикл продукту

the introduction stage – стадія впровадження в ринок

the growth stage – стадія зростання

the maturity stage – стадія зрілості

the decline stage – стадія спаду

initial price – початкова ціна

distribution channels – канали розповсюдження

sales revenue – доход від продажу

sales growth – зростання продажу

sales curve – крива продажу

sales volume – об’єм продажу

brand loyalty – прихильність до торгової марки

price incentives – цінові стимули

to offset – відшкодувати

the rate of increase – коефіцієнт зростання

to reduce – зменшувати

to retain – зберігати

refinement – вдосконалення

markdown – переоцінка, зменшення ціни

to eliminate – вилучати

determinant – показник

to delete – вилучати, виключати

in response to – в відповідності до

to vary – різнитися

to follow – дотримуватися

customer awareness – знання товару споживачем

marketing challenge – завдання маркетингу тут

immediate success – негайний успіх

promotional efforts – зусилля щодо просування товару

to meet needs – відповідати потребам

to expand the product line – розширювати товарну лінію

savings – збереження

to maintain – підтримувати

to eliminate – скасовувати

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